Low from Sunday stalls the fall
The price of Bitcoin on the Coinbase exchange fell in trading today.
Recall from yesterday, the price could not get above the 100 hour MA - blue line in the chart above (see post: "Bitcoin is quiet but keeps the bears in control"). If buyers can't take control vs technical tools, the price has to go lower. The price went lower. You can see that in the chart above.
Where did it go?
At the low today, the price fell to within $13 of the low from Sunday's trading at $5077. That low was the low for the year and the lowest level since November 2017. Buyers leaned against the level (the low reached $5790), and the price has modestly rebounded.
The current price is trading at $5879. That is still down -$166 on the day (or -2.7% on the day), and brings the price back to the February 2018 low at $5873.
The price can tilt higher or lower from here.
What do the longs need to see now?
If long, getting and staying above the February 2018 low is step #1. If the price cannot make a run above that level, the buyers are not winning anything.
The next hurdle for longs would be to get and stay above the 100 hour MA (blue line at $6094 currently and moving lower) and then the 200 hour MA at $6170.46 (and moving lower).
This week (on Monday and Tuesday), the price moved above that 100 hour MA, but could not get to the 200 hour MA (green line). Wednesday and most of Thursday, stayed below and around the 100 hour MA. Today, the buyers hoping for a break higher, gave up and sold.
So if going higher those MAs need to be broken and remain broken. If not, the sellers remain more in control.
Bitcoin trades over the weekend (last Sunday there was a run lower and a quick move back higher too), but the technical lines are in place. On the downside the low at $5777 is key. On the topside, the falling 100 and 200 hour MAs are key.
